The Ascott Group is on the lookout for more prime properties across Europe, particularly in Paris, London and in key German cities, according to a Business Times report.
This follows the company’s recent acquisition of The Cavendish hotel in London (pictured) for £158.8 million (S$311 million) as well as plans to renovate three serviced residences each in London and Paris.
Strategically located in the upmarket Mayfair area, the 230-unit hotel will be converted into a high-end serviced residence under the premier Ascott The Residence brand; and will be renamed Ascott St James.
According to Ascott’s CEO Chong Kee Hiong, The Cavendish will continue to operate as a hotel for the time being, until the company comes up with a comprehensive plan on how to rebrand it under the Ascott brand.
Apart from ramping up its presence in Europe, the acquisition will also boost the group’s portfolio to seven properties in central London.
To date, the company owns 47 properties across 20 cities in the UK, Germany, France, Spain, Belgium and Georgia. Ascott also owns more than 8,000 units currently under development and around 22,000 serviced residence units already operating across major cities in Europe, the Gulf region and Asia Pacific.
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